The Mother of All Conflicts of Interest
Financial advisers are required to reveal any conflicts of interest they might have, hopefully to ensure that they always do what’s best for customers. As we ponder the lackluster government efforts to craft effective regulations for the financial industry, we’re left to wonder: shouldn’t we be focusing on Congressional conflicts of interest, too?
Meet the Futures Industry: A Breakdown of Terminology, Roles and Responsibilities
Given the misinformation floating around in the financial media, we thought it was high time we looked at who the major players in the futures industry are, and how they interact. If we’re going to make the necessary changes to shore up confidence in the industry, we need to make sure everyone is on the same page about how the roles and responsibilities break down.
PFGBest Update: Collateral Damage
While we’ve been focused on the impact that the PFGBest scandal has had on clients – and the failings of the regulators – the ripples extend throughout the industry. Today, we bring to you a letter from one of the managed futures programs that we’ve worked with in the past, stating that they are closing their doors following this most recent scandal and the impact it had on their business.
Institutional Investors Learn Commodity Index Shortcomings the Hard Way
We’re vocal critics of long-only commodity investment strategies. Now it appears that CalPERS is discovering firsthand why we prefer a strategy that has the potential to profit no matter which direction prices are going.
PFGBest Update: What’s the point?
The NFA seems to be expressing some confusion over whether or not the regulators are supposed to be on the lookout for fraud. We wish we were kidding.
Disclaimers
Managed futures, commodity trading, forex trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. You should not rely on any of the information as a substitute for the exercise of your own skill and judgment in making such a decision on the appropriateness of such investments.
The entries on this blog are intended to further subscribers understanding, education, and – at times – enjoyment of the world of alternative investments. Unless distinctly noted otherwise, the data and graphs included herein are intended to be mere examples and exhibits of the topic discussed, are for educational and illustrative purposes only, and do not represent trading in actual accounts. Opinions expressed are that of the author.
The mention of specific asset class performance (i.e. +3.2%, -4.6%) is based on the noted source index (i.e. Newedge CTA Index, S&P 500 Index, etc.), and investors should take care to understand that any index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices such as survivorship, self reporting, and instant history.
The performance data for various Commodity Trading Advisor (“CTA”) and Commodity Pools are compiled from various sources, including Barclay Hedge, RCM’s own estimates of performance based on account managed by advisors on its books, and reports directly from the advisors. These performance figures should not be relied on independent of the individual advisor’s disclosure document, which has important information regarding the method of calculation used, whether or not the performance includes proprietary results, and other important footnotes on the advisor’s track record.
The mention of general asset class performance (i.e. managed futures did well, stocks were down, bonds were up) is based on RCM’s direct experience in those asset classes, estimates of performance of dozens of CTAs followed by RCM, and averaging of various indices designed to track said asset classes.
The mention of market based performance (i.e. Corn was up 5% today) reflects all available information as of the time and date of the publication.
The owner of this blog, RCM Alternatives, may receive various forms of compensation from certain investment managers highlighted and/or mentioned within the blog, including but not limited to retaining: a portion of trade commissions, a portion of the fees charged to investors by the investment managers, a portion of the fees for operating a fund for the investment managers via affiliate Attain Portfolio Advisors, or via direct payment for marketing services.
Managed Futures Disclaimer:
Past Performance is Not Necessarily Indicative of Future Results. The regulations of the CFTC require that prospective clients of a managed futures program (CTA) receive a disclosure document when they are solicited to enter into an agreement whereby the CTA will direct or guide the client’s commodity interest trading and that certain risk factors be highlighted. The disclosure document contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA.
See the full terms of use and risk disclaimer here.
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